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Texas Real Estate Principles 1 Chapter 8 questions & answers.
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Texas Real Estate Principles 1 Chapter 8 questions & answers.
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Texas Real Estate Principles 1 Chapter 8questions & answers.
Interest ANS -Includes any of the various rights, privileges, powers, and immunities with respect to any
kinf of property, inclduing real property
Possessory interest ANS -The present right to physically occupy land and to exclude others from that
same land
Non-possessory interest ANS -One that cannot presently be exercised today but which may or will
become possessory in the future or under appropriate circumstances
Present interest ANS -One that can be exercised by the owner today
Future interest ANS -One that cannot be exercised today, but which might be exercised in the future
Estate ANS -The quantity, quality, degree, and nature of a person's interest in real property that may
become possessory
Freehold Estate ANS -An estate with indefinite duration or that is measured by the length of someone's
life
Nonfreehold estate ANS -An estate with a fixed or determinable duration
Perpetual estate ANS -A fee simple estate that can be left to one's heirs via will or other testamentary
dispositions
Fee simple absolute estate ANS -Also referred to as a fee simple, a fee interest, estate in fee, or a fee, is
the most complete form of ownership of land under the Anglo-American concept of real property
ownership
, Present possessory freehold estate ANS -A fee simple absolute that includes all the rights to sell, exclude
others, finance, and do any other thing with real property that the law allows
Fee simple determinable ANS -Vested a present possessory interest in a grantee with a reversionary
interest in the grantor
Fee simple subject to condition subsequent ANS -Any fee estate containing a condition that if violated,
could lead to the termination of the estate and give the grantor a right of entry
Measuring life ANS -Usually the grantee life- but it does not have to be
Life estate ANS -A present possessory interest that gives the grantee a possessory interest for the length
of a measuring life
Pur autre vie ANS -Life estate can be created on the life of a designated person who has no interest in
the property as the measuring life
Life tenant ANS -The person to whom a life estate is conveyed
Reversionary interest ANS -If no one is identified as having the ownership of the property after the life
tenant's death, then the conveyance automatically reserves to the grantor. Also applies for leaseholds
Remainderman ANS -Instead of keeping a reversionary interest, the grantor can instead identify
someone to receive the property when the life tenant dies. The person identified in the instrument
creating the interest.
Remainder ANS -Is a future interest that takes effect upon the expiration of a life estate when the life
tenant dies
Commit waste ANS -Would be to commit any act that will damage the property in a way that will impair
Charle's eventual right to possession of the property
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